GK: NOBEL PRIZE IN ECONOMICS AWARDED TO WILLIAM NORDHAUS AND PAUL ROMER

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel has been awarded for work on climate change, and the endogenous growth theory. The winners are William Nordhaus for his work on climate economics, and Paul Romer for his work on the endogenous growth theory.

Why Nordhaus and Romer have won

William Nordhaus is being recognised for his work on the damage caused by climate change.

Paul Romer has examined how economists can achieve a healthy rate of economic growth.

The models that Nordhaus and Romer have created have helped with the development of economic growth, and with combatting climate change, we’re hearing.

They have taken macroeconomics to a global scale, to tackle some of the world’s biggest problems, the Nobel Prize committee say.